U.S. Department. of Housing and Urban Development (HUD) – The federal agency overseeing the Federal Housing Administration and various other housing and community development programs.

Underwriting – The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower’s creditworthiness and the quality of the property itself.

Undivided Interest – The ownership right to use and possession of a property that is being shared among multiple co-owners, and no one co-owner having exclusive claim to any portion of the property.

Unencumbered Property -Â A property owned free and clear.

Unilateral Contract – An obligation accepted by one party contingent on the performance of a second party, but without obligating the second party to perform the specific action.

Unimproved Property – Land that is undeveloped, without construction, and has no site preparation (raw land).

Unrealized Gain – The amount of money of current market value minus cost for an asset that is not sold.

Unrecorded Deed – An instrument that transfers title from one party (grantor) to another party (grantee) without having been recorded, and no public notice of the change in ownership having been made.

Unsecured Loan – A loan that is not backed by collateral.

Urban Renewal – The redevelopment of deteriorated sections of a city, often by demolition and new construction, can be privately funded, but is usually in association with government renewal programs.

Usufruct – The right to use someone else’s property, or income from someone else’s property.

Usury – Charging an interest rate exceeding the amount permitted by state law.

Utility Easement – Using another’s property to lay water, gas, sewer and/or electric lines.